Animoca Brands partners Formula 1 for new blockchain game

Gamification, blockchain and artificial intelligence solutions provider Animoca Brands has agreed a deal with Formula 1 to develop a new blockchain game based on the motor-racing series.

Under the global licensing agreement, Animoca Brands will develop and publish ‘F1 Delta Time’, featuring a collectible component based on non-fungible tokens (NFTs) and a racing component utilising these NFTs.

Animoca Brands plans to launch the first phase of the new game, featuring NFTs based on Formula 1 intellectual property on May 10, ahead of the Spanish Grand Prix in Barcelona.

Yat Siu, co-founder and chairman of Animoca Brands, said that this new licensing agreement and the brand power of Formula 1 will help to broaden the provider’s consumer reach and product uptake on a global scale.

“Securing a partnership to make blockchain games with Formula 1 – one of the most recognised brands in sport – is a notable achievement,” he said. “We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”

Formula 1 is recognised as one the leading motorsport series in the world, with events in 21 countries across five continents and an annual race attendance of more than 4.1m people.

The 2019 Formula 1 season began earlier this month with the Australian Grand Prix in Melbourne. The next race on the schedule is the Bahrain Gran Prix at the Bahrain International Circuitin Sakhir on March 31.

Last month, SportPesa became the first online betting operator to enter into a title sponsorship agreement with a Formula One team after striking a multi-year deal with Racing Point Force India. The team has adopted the new name of SportPesa Racing Point F1 Team for the 2019 season.

Image: Artes Max